Council alarmed by ongoing SSEA deficit
Town representative on board asked to report back on financial situation
By Travis Mealing Midland Mirror Jan 30, 2013
MIDLAND – Red flags have been raised by Midland council over the 2011 financial statements of the Severn Sound Environmental Association (SSEA).
“What is deeply concerning is that the finances for 2011 have very little resemblance to the budget for 2011,” Mayor Gord McKay said during Monday’s council meeting. “What happened here?”
An independent auditor’s report prepared by BDO Dunwoody and dated Jan. 17 of this year shows the SSEA is carrying an accumulated deficit of $306,000.
The problem appears to lie with the organization’s expenditures, which came in at a little more than $625,000 in 2011, the most recent year for which figures are known; the budgeted amount was just $353,000.
The SSEA exceeded its budget for salaries, benefits, office expenses and contracted services in 2011.
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